Vancouver / CA. (pbh) Premium Brands Holdings Corporation, a leading producer, marketer and distributor of branded specialty food products, announced its results for the fourth quarter of 2018.
Highlights for the quarter
- Record revenue of USD 843.9 million representing a 44.2 percent or USD 258.5 million increase as compared to the fourth quarter of 2017
- Normalized for unusual customer short shipment issues, organic volume growth of 4.6 percent with the Company’s Specialty Food segment generating normalized organic volume growth of 7.6 percent
- Record adjusted Ebitda of USD 62.7 million representing a 32.6 percent or USD 15.4 million increase as compared to the fourth quarter of 2017
- Record adjusted earnings of USD 0.82 per share representing a 10.8 percent or USD 0.08 per share increase as compared to the fourth quarter of 2017
- The Company reaffirmed its sales and adjusted Ebitda guidance for 2019 of USD 3.7 billion and USD 320.0 million to USD 340.0 million, respectively, and confirmed USD 135 million, on an annualized basis, in new product listings
- For the year, the Company generated new records for all of its key financial performance measurements:
- Sales increased by 37.6 percent to USD 3.0 billion with organic volume growth of 6.1 percent exceeding the top end of the Company’s long-term targeted range
- Adjusted Ebitda increased by 32.1 percent to USD 251.3 million
- Adjusted earnings per share increased by 12.3 percent to USD 3.74 per share
- Free cash flow per share increased by 15.2 percent to USD 5.08 per share
- The Company launched its PB Ecosystem initiative, which includes as a key objective achieving over the next five years annual sales of USD 6.0 billion and an adjusted Ebitda margin of 10.0 percent
- Subsequent to the quarter, the Company increased its quarterly dividend by 10.5 percent to USD 0.525 per share or USD 2.10 per share annually, from USD 0.475 per share or USD 1.90 per share annually. This represents the fifth consecutive year of double digit dividend growth
